Entrepreneurs have been urged to embrace value-driven partnerships to push growth for their businesses.
This call was made at the quarterly Business Series hosted by the United Bank for Africa Plc, where entrepreneurs and business enthusiasts gathered to explore the core ingredients of building and sustaining successful business partnerships.
The Business Series, held under the theme ‘Stronger Together: Building Powerful Businesses through Partnerships,’ spotlighted the critical roles that value alignment, shared vision, and compatibility play in driving long-term business success for Micro, Small and Medium Enterprises.
The session, which was held at UBA House in Lagos, featured fashion entrepreneur Mai Atafo, beauty entrepreneur, Dabota Lawson, real estate mogul and entrepreneur, Wale Ayilara, and journalist-cum-TV producer Peace Hyde as panellists.
They shared actionable insights and personal experiences on forging strategic alliances that go beyond transactional relationships and lead to exponential growth.
Lawson, who shared her experience on how her business began as a solution to create beauty products that allowed people to feel included, said that she learnt from her mistakes early enough in the business and began to groom partnerships that added value to her work.
“Early on, I chased exposure, sending products to influencers with millions of followers. But visibility doesn’t always equal sales, and so, I shifted focus to value-driven partnerships: labs for product development, logistics for efficiency, and beauty professionals who align with my brand,” Lawson said.
Hyde, who ventured into the media space following the need to tell the African story as it truly is, said there is a need for SMEs to choose partners that add value and align with their business goals.
She said, “Partner with those who believe in your current vision, not just where you could be. Money isn’t everything; sometimes distribution or audience access matters more, and choosing the right partners, not just the highest bidder, can lead to global success.”
Ayilara, who ventured into the real estate business at a young age on the university campus, said, “You need to leverage whatever you have. Start small, and co-own properties with trusted friends. In the university, I pooled funds with classmates to solve accommodation shortages. Real estate is unavoidable, everyone needs it, but risks like scams exist. Research, start modestly, and scale deliberately.”
For celebrity designer Atafo, who left a well-paying job to focus on his business because of his passion and vision. He advised entrepreneurs to set boundaries to avoid conflicts. He also highlighted the key role that research plays in building strong businesses.
Atafo said, “Define boundaries early. Choose your lane, whether it is artistry or profit, and research relentlessly. Assume everything you hear is a lie until you verify it. Inquisitive learning is everything.”
UBA’s Group Head, Retail and Digital Banking, Shamsideen Fashola, who welcomed the panellists and participants at the event, said the UBA Business Series is a knowledge-sharing platform to empower entrepreneurs and small business owners with the tools, strategies, and insights needed to grow and sustain their businesses.
“We are thrilled to host this transformative event here at UBA House and virtually across the continent, as we empower MSMEs with practical strategies to thrive in today’s dynamic business landscape. At UBA, our commitment to business development and financial inclusion drives this quarterly series, and we’re excited to bring together brilliant minds and to share insights on the power of collaboration,” he said.
Group Head of Corporate and Marketing Communications, Alero Ladipo, who appreciated the panellists for the insights shared during the session, said, “One thing that is very intriguing about this session is that there’s so much to learn, and it’s not just about feeling excited. It’s about you: taking the lessons shared, researching the information, retaining it, and reminding yourself of it.”
